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Bankruptcy numbers increase - more people with bad credit

Wed Apr 2, 2008 07:04PM | By Tony

See more in Personal Finance | Permalink | Email | Comments (0)

Bankruptcy filings continued to increase in the second quarter of 2007, rising 7% to 210,449 from 193,641 in the first. Business bankruptcies rose by 6% to 6,705 from 6,280 in the first quarter and Chapter 11 filings increased by 10% to 1,574 from 1,406 in the same time frame. Business bankruptcies increase is quite worrisome trend as this may forecast future troubles with commercial real estate. An average of 3,960 bankruptcy petitions were filed per day nationwide in February, up 18 percent from January and up 28 percent from a year earlier, according to Automated Access to Court Electronic Records, a bankruptcy data and management company. February was the busiest month for filings since Congress overhauled the bankruptcy law in 2005. This is very alarming because those changes made filing for bankruptcy more complicated and expensive. Moreover it became quite difficult even to qualify for bankruptcy filing. Some experts predict the number of bankruptcies nationwide to reach anywhere from 1.2 million to 1.4 million this year, up from 826,732 in 2007. See more at National Association of Credit Management.

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